DOW PLUNGES OVER 550, S&P AT LOWEST LEVEL SINCE LATE 2014 AS OIL SLIDES

U.S. stocks traded more than 2 percent lower Wednesday as further decline in oil prices pressured global equities.

The Dow Jones industrial average briefly fell more than 400 points in morning trade with IBM contributing the most to declines. The Nasdaq composite underperformed, trading more than 2.5 percent lower.

The S&P 500 fell about 2.5 percent to trade around 1,830, near its lowest since late 2014.